Dynamic Top Pick List Update April 2025: Removing Gimv – Adding Adyen

In this April 2025 update of the KBC Securities' Dynamic Top Pick List, we are removing Gimv and adding Adyen. Since adding Gimv to the Dynamic Top Pick List in mid-December 2024, Gimv's performance has remained flat. However, month-to-date, it has increased by nearly 7%, while the indices have all declined. Given the backdrop of a tariff war brewing, we think it's time to remove Gimv from the Dynamic Top Pick List as medium-sized businesses are more likely to feel the pinch of lower demand and...

bpost/A painful last mile/HOLD

We keep our HOLD but again lower our TP, from €2.10 to €1.60, a reflection of our further cut in estimates and ongoing downside risk on estimates and outlook due to strikes and global trade wars. Despite a beat on 4Q24, the outlook for FY25 is well below expectations. The dividend over FY24 was cancelled due to an impairment on Radial. The outlook for BeNe Last Mile was disappointing which, despite the already built-in loss of Press volumes, still missed significantly even the most cautious esti...

Hyloris FIRST LOOK: Collaboration with AFT to develop HY-094 for iron ...

Hyloris entered into a late-stage research and development program in collaboration with AFT to introduce an injectable iron deficiency therapy (HY-094) to the global market – development costs and net margin from sales and licensing will be distributed equally. This announcement brings a new later stage product to the company's pipeline, for which Hyloris expects phase 3 development to start in the near-term. Given the size of the market, we expect this will be a high volume product and Hyloris...

Morning Notes : HYL BB

: HYL BB

Hyloris FIRST LOOK: FY24 results come with a detailed pipeline update

Hyloris reported FY24 results with YE24 cash of € 23.6m (YE23: € 30.4m). Revenue grew to € 8.5m (from € 2.1m), though we note this included one-off milestone payments ($ 2.1m as well as an additional undisclosed amount). We are encouraged by the planned 9 regulatory submissions by YE26, though point out that US filing fees range $ 2-4m. Additionally, Hyloris will require extra funding to commercialise the near-term cardiology products in the US and is exploring multiple options. As such, while w...

Morning Notes : BREB BB, EXM BB, HYL BB, AUTL US

: BREB BB, EXM BB, HYL BB, AUTL US

Hyloris FIRST LOOK: Positive IDMC recommendation for Alenura phase 2 i...

Hyloris announced that the independent data monitoring committee (IDMC) reviewed the phase 2 trial of Alenura (bladder instillation combining lidocaine and heparin) in interstitial cystitis/bladder pain syndrome (IC/BPS) and concluded that there were no safety concerns and that the efficacy signals observed justified continued investigation. The recommendation is a positive sign for the program particularly as the IDMC saw unblinded data, though we note that they also recommended that the enrolm...

Morning Notes : ARCAD NA, HYL BB, IBAB BB

: ARCAD NA, HYL BB, IBAB BB

Morning Notes : GBLB BB, HYL BB, VPK NA

: GBLB BB, HYL BB, VPK NA

Hyloris FIRST LOOK: Positive study results for Dofetilide IV, plans FD...

Hyloris announced positive results from a pivotal clinical study evaluating its proprietary Dofetilide IV formulation (potassium channel blocker), an antiarrhythmic to treat atrial fibrillation. Based on company guidance of FDA submission in the coming months, the product could be approved in the US by 2026 taking into account the 10 month FDA review timeline, and we look forward to learn more about the company's US commercialisation plans for its cardiology products. Note that Hyloris has previ...

IMCD Organic growth, Acquisitions and Operational leverage

In this note we go over the most important drivers of our business case. We provide a breakdown of our organic growth assumptions and shift some of the recovery from FY25 to FY26. We reduce acquisitional growth due to lower spillover from 2024 acquisitions and provide a detailed overview of expected acquisition dynamics. Our long term Gross profit margin forecasts increase, due to structural improvements. We expect significant operational leverage given the elevated OpEx levels, due to acquisiti...

Morning Notes : ABI BB, DIE BB, LOTB BB, MONT BB, VPK NA, IMCD NA

: ABI BB, DIE BB, LOTB BB, MONT BB, VPK NA, IMCD NA

Dynamic Top Pick List Update March 2025: Removing ABN, Ackermans – Add...

We made 5 changes in this March update of our KBC Securities Dynamic Top Pick List (DTPL): On 26 February we already removed ABN Amro from our DTPL, after a strong 24.4% return since the announcement of our 2025 Dynamic Top Pick List on 13 December 2024, far outpacing our financial sector coverage. Although we remain positive on the longer term, we believe most of the short-term revaluation is behind us. Today, we remove Ackermans & van Haaren as the stock just hit an all-time high and crossed...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/05/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/03/2025

Benelux Morning Notes

Arcadis: Unexpected CFO departure, successor likely ready. IBA: IBA to supply one P1 system to Apollo Hospital in India. IMCD: Slowing of organic GP growth in 4Q24. Kinepolis: Strong February box office growth in US/Canada, attendance down in France